Metalla Royalty & Streaming : March 26, 2021 - Financial Report

CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in United States Dollars)

FOR THE SEVEN MONTHS ENDED DECEMBER 31, 2020 AND

TWELVE MONTHS ENDED MAY 31, 2020

KPMG LLP

Chartered Professional Accountants PO Box 10426 777 Dunsmuir Street Vancouver BC V7Y 1K3

Telephone Fax Internet

[phone] [phone]www.kpmg.ca

Canada

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of Metalla Royalty & Streaming Ltd.

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statements of financial position as of December 31, 2020, May 31, 2020 and June 1, 2019, the related consolidated statements of loss and comprehensive loss, changes in equity and cash flows for the seven months ended December 31, 2020 and the year ended May 31, 2020, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020, May 31, 2020 and June 1, 2019 and the results of its financial performance and its cash flows for the seven months ended December 31, 2020 and the year ended May 31, 2020, in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Change in Presentation Currency

As discussed in Note 2(c) to the consolidated financial statements, during the period ended December 31, 2020 the Company retroactively changed its presentation currency from the Canadian dollar to the U.S. dollar.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG Canada provides services to KPMG LLP.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the (consolidated) financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

//s// KPMG LLP

Chartered Professional Accountants

We have served as the Company's auditor since 2017.

Vancouver, Canada

March 25, 2021

METALLA ROYALTY & STREAMING LTD.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in United States Dollars)

As atNotesDecember 31, 2020

ASSETS Current assets Cash

Accounts receivable

Current portion of derivative royalty asset Prepaid expenses and other

$

• 5,299,904 $

May 31, 2020 (Restated - Note 2(c))

June 1, 2019 (Restated - Note 2(c))

3,600,409

$

3,529,414

3 5

1,813,575

2,416,461

177,919 -

249,433 -

783,848

233,368

263,660

Total current assets

10,313,788

4,011,696

4,042,507

Non-current assets

Royalty, stream, and other interests Derivative royalty asset

Investment in Silverback Total non-current assets TOTAL ASSETS

4 5 6

63,732,457

69,417,457

4,016,149

1,668,851

47,976,215 - 1,516,672 49,492,887

43,137,849 - 1,680,288 44,818,137

$ 79,731,245

$

53,504,583

$

48,860,644

LIABILITIES AND EQUITY LIABILITIES

Current liabilities Trade and other payables Total current liabilities

7

$

1,772,304 1,772,304

$

1,417,978

$

1,234,827

1,417,978 1,234,827

Non-current liabilities Loans payable

8 10

3,062,706 511,358 3,574,064 5,346,368

3,523,570 2,146,124

Deferred income tax liabilities Total non-current liabilities Total liabilities

506,291 4,029,861 5,447,839

111,349 2,257,473 3,492,300

EQUITY

Share capital Reserves Deficit

11

98,130,183

11,233,630

(34,978,936)

70,693,830 63,685,213

6,895,527 5,262,898

Total equity

74,384,877

(29,532,613) 48,056,744

(23,579,767) 45,368,344

TOTAL LIABILITIES AND EQUITYEvents after reporting date (Note 16)

$ 79,731,245

$

53,504,583

These consolidated financial statements were authorized for issuance by the Board of Directors on March 25, 2021.

Approved by the Board of Directors

"Brett Heath"

Director

"Terry Krepiakevich"

DirectorThe accompanying notes are an integral part of these consolidated financial statements.

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$

48,860,644